Dec 05, 2020

Glencore CEO Ivan Glasenberg steps down

Glencore CEO Ivan Glasenberg steps down Gary Nagle comes in as the new Glencore CEO

Glencore has announced Ivan Glasenberg will retire as both CEO and as a member of the Board during the first half of 2021.

He’ll be replaced by Australia-based Gary Nagle who has been heading up Glencore’s coal division.

Mr Nagle will relocate from Australia to Switzerland early next year and will work with Mr Glasenberg to effect the transition as a new board member.

The Board had worked with Ivan over the past two years to oversee a seamless transition to the next generation of leadership across Glencore’s business, chairman Tony Hayward said.

“The fact that each department has promoted from within the Group is a credit to the work done to ensure there is strength in depth,” he said.

“Gary Nagle has held senior roles in coal and ferroalloys in Colombia, South Africa and Australia.

“He has been on the Board’s radar for more than several years and was selected following a succession process overseen by the Board.

“We are confident that he has the right skill set and qualities to lead the Glencore of tomorrow.” 

Mr Glasenberg’s vision had created two of the world’s largest mining companies, Glencore and Xstrata, said Mr Hayward.

“I have known Ivan for over 15 years, working closely with him as a Director for the last nine years,” he said. “What he has achieved is unique.”

“With the support of his partners, Ivan understood the importance of creating a long-term asset base to underpin Glencore’s leading marketing franchise.

“The IPO in 2011 provided the catalyst to re-unite Glencore with Xstrata, the mining business that Glencore had founded and financed.

“Each step in the evolution of the business has been informed by the needs of the customer and reflected the changing dynamics of the global environment and commodity markets. Underpinning all this is Ivan’s simple mantra of value over volume.  

“His work ethic and dedication to the company and its employees has inspired a loyalty that is rare in business.

“As Ivan hands over to Gary, he does so at a time of huge change. As the world moves to recover from the impacts of the COVID-19 pandemic, while also addressing the challenge of climate change, our industry has a significant opportunity to contribute to the economic recovery by providing commodities essential to the transition to a low-carbon economy.

“Glencore and its portfolio of future facing commodities is uniquely positioned to meet the needs of today and the demands of tomorrow.

“The benchmark by which any great CEO can be judged is whether he or she leaves the business in a better position than when they started. Not only has Ivan achieved this with Glencore, but his vision and drive have left a lasting impact on the industry as a whole.”

He was proud of the company they’d built as a team said Mr Glasenberg. 

“Together, we have created one of the world’s largest diversified miners and marketers of commodities,” Mr Glasenberg said.

Outgoing Glencore CEO Ivan Glasenberg
Photograph: Arnd Wiegmann/REUTERS

“Today, our diversified portfolio uniquely positions us to play an essential role in the global transition to a low-carbon economy.

“I have worked with Gary since he joined the company twenty years ago.  I have always regarded it as a critical part of my job to develop the next generation of leadership at Glencore and I am proud of the strong leadership team that we developed from which we were able to select Gary.

“I am confident that his leadership, along with the support of the management team, will enable Glencore to take advantage of the opportunities that lie ahead and be a strong custodian for my shareholding in the company.”

He was grateful for the trust placed in him by the Board and honoured to be appointed CEO at such an exciting time for Glencore said Mr Nagle.